Washington, DC: At a meeting today on Capitol Hill in Washington, DC, Rear Admiral [Ret.] James J. Carey announced the continuation of Phase III of the strategic plan to achieve the operational goals and objectives of The Admiral James J. Carey Foundation, including the selection of the second organization to be designated for an endowment from the foundation. In announcing this endowment, Admiral Carey said “I’m particularly pleased that Future Leaders for America Foundation is the second organization to be selected for an endowment from my foundation. Future Leaders for America Foundation has an outstanding and established track record of successfully operating one of THE MOST EFFECTIVE INTERNSHIP PROGRAMS in Washington, DC. I’ve met their interns and I personally know the entire leadership of their Washington Scholars Internship Program, which is 100% all-volunteer and comprised 100% of graduates of the Washington Scholars Program. These are very dedicated and very effective leaders and they have done America a tremendous amount of good through the effective young leaders of the next generation that have been brought to our nation’s capitol for their 10 week intensive internship program geared to help train the young men and women who will lead the USA in the 21st Century.”

Brian McManus, Vice Chairman of Future Leaders for America Foundation, remarked “the Foundation is extraordinarily pleased and grateful for Admiral Carey’s generosity. The Future Leaders for America Foundation looks forward to a long partnership with The Admiral James J. Carey Foundation. We share Admiral Carey’s vision of identifying and nurturing the next generation of leaders”

The Future Leaders for America Foundation, Inc. is an IRS-approved 501(c)(3) public charity dedicated 100% to youth training and youth leadership programs. [See www.futureleadersforamerica.org for further details]. Its Washington, DC internships focus on training some of the nation’s best and brightest young men and women from colleges and universities across North America and provides them with the experience, qualifications and credentials to become involved in lifetime careers in national public policy. This program, the Washington Scholars Internship Program, is one of the most prestigious such programs in operation in the nation’s capitol city and it’s graduates now hold public policy positions throughout metropolitan Washington. [See www.washingtonscholars.org for further information].

The Admiral Carey Foundation is incorporated in the Commonwealth of Virginia, and is approved by the Internal Revenue Service as a private 501(c)(3) foundation. Admiral Carey serves as Chairman of the Foundation. The purpose of the Admiral Carey Foundation is to endow organizations, programs, and projects that are educational, charitable, scientific, or religious in purpose and which focus on the training and education of future generations through internships, fellowships, and scholarships. This endowment for Future Leaders for America Foundation has been made to provide continuing support for one of their primary programs: the Washington Scholars Internship Program. The focus of this endowment will be on the training and leadership development of young men and women with a particular emphasis on involving them in national public policy and national leadership.

Asked why he considered the selection of this second endowment recipient as so important, Admiral Carey responded, “Because this continues to move us forward. We’ve now been working on this entire Foundation effort for over four years. It has involved a tremendous amount of time and legal work to first establish the trust in which to hold my assets in order to provide for my wife and daughters should anything untoward cause my early demise. That effort took over three years to research, develop, structure, and establish as a legal entity and then transfer my assets and holdings into that structure. We finished that process in late 2006 and then we went through another extensive and equally intensive effort to develop and structure this foundation and the related systemics and methodology to provide for its funding by my trust once my family has been cared for and no longer has need of those assets. That effort is also now completed and we’re fully involved in the process to determine which organizations the foundation will endow, and that is, in part, the reason why the foundation met today. Future Leaders for America Foundation is the second of several organizations we plan on endowing where the focus will be on youth leadership training. And with this selection of our second endowment recipient, we are now well on our way to fulfilling the purpose of the foundation and all the reasons we’ve been working so hard these past 4+ years.”

Admiral Carey continued, “As I have stated during previous foundation meetings, my foundation’s initial focus is going to be on those organizations and programs that I have been involved with and supportive of during my lifetime. The Future Leaders for America Foundation is one of those organizations. I have over 40+ years of service on a broad range of organization boards of directors, with some of those experiences I consider as good, and some not so good. Indeed, there is nothing like decades of board service to learn the true inner workings of an organization. You see it all. Which are fiscally sound and prudent and which are not. Which treat their members with dignity and respect and which do not. Which have effective programs that you want to use your lifetime of earnings and your estate to support and continue, and which you do not want your money to be used for because you have seen first hand that all too many programs “do not do what they say they will do”. Quite frankly, I’m looking forward to using that 40+ years of experience to ensure that what gets endowed by my foundation is truly worthy of being funded and can be counted on to provide a true service to the nation and to our society in future generations and for centuries to come” And in my opinion, the Future Leaders for America Foundation is one of THE VERY BEST.

Documents were circulated at the foundation meeting indicating that among the other organizations under consideration for endowment are a university, a high school, several fraternal organizations, several knighthood Orders, a broad range of youth groups, an equally broad range of national public policy organizations, and a Religious Order. Endowment plans are structured based upon each individual organization’s programs, policies, and projects and their track record over time as to performance. All endowment decisions are subject to limitations as to which existing or new programs and projects this foundation wants it’s endowment to be used for. All Admiral James J. Carey Foundation endowments are structured so as to continue annual funding in perpetuity, so long as the agreed to commitments in the endowment and the parameters of Admiral Carey’s donor intent are committed to by written agreement and then are strictly adhered to for the life of the endowment. Each endowed organization is required to furnish an annual audit by an independent Certified Public Accounting firm to certify their adherence to the requirements and activities designated to be supported by the endowment.

In closing today’s meeting of the Foundation, Admiral Carey stated, “I’ve been particularly fortunate during my lifetime to have had numerous mentors and organizations that have taken an active interest in my life and whatever talents I may have been born with or taught by my parents and teachers and mentors over the years. One of the reasons I have decided to dedicate my entire estate to my foundation is, in part, to give back to society in recognition of those who helped me succeed in life, since I am unable to repay these mentors individually as almost all are no longer living. In recognizing them, and in endowing deserving organizations and programs that will serve society and our culture in future centuries, hopefully I will be providing future generations with some of the same successes in life that have come to me. I truly hope so, and take these steps today in endowing The Future Leaders for America Foundation as another mile-marker in the process to now bring these endowments to fruition. I thank everyone that has agreed to help me bring these efforts into this successful and worthwhile structure. Together, we can do much good for America, and today we continue that effort in earnest.”

The Admiral James J. Carey Foundation is headquartered in the Commonwealth of Virginia. Admiral Carey manages the assets and programs of the foundation, aided by his two daughters, Lynn Margaret Carey of Denver, Colorado, and Sarah Ann Carey Cancel of San Diego, California, who will succeed him as Trustees of both his Revocable Trust and the Foundation should he become infirmed or when he dies. The foundation may be contacted via e-mail at secretary@admiralcareyfoundation.org and Admiral Carey may be contacted at his direct e-mail address: RADMCarey@aol.com. Additional information and a list of Frequently Asked Questions can be accessed on the foundation’s web site at www.AdmiralCareyFoundation.org

Washington, DC: At a meeting yesterday on Capitol Hill in Washington, DC, Rear Admiral [Ret.] James J. Carey announced the launch of Phase III of the strategic plan to achieve the operational goals and objectives of The Admiral James J. Carey Foundation, including the selection of the first organization to be designated for an endowment from the foundation. In announcing this endowment, Admiral Carey said “I’m particularly pleased that The Good Samaritans of the Knights Templar Foundation is the first organization to be selected for an endowment from my foundation. The Good Samaritans have an established track record of doing tremendous good for so many people. I knew when I first traveled to Iraq with them in 1998 to meet with Cardinal Bidawid of the Chaldean Catholic Church in Baghdad that we could accomplish much together to help the less fortunate of the world, and here we are now, 10 years later, with my foundation being able to endow them to ensure that their fine work will continue to benefit humanity in perpetuity.”

The Good Samaritans of the Knights Templar Foundation [GSKT] supports numerous programs and projects focused on a broad range of efforts to aid the less fortunate. One of GSKT’s first programs was an effort to assist the Chaldean Catholic Church in Iraq when Saddam Hussein was in power and humanitarian aid in the form of food and medicine was being intercepted by the Iraqi government and not getting through to the people who needed it. Admiral Carey traveled to Iraq and met with Cardinal Bidawid in Baghdad in an effort to arrange for the direct delivery of this aid through the Chaldean Church. Good Samaritans has also been very involved in the SILENT KNIGHT Program and it’s efforts in promoting anonymous random acts of charity [See www.TheSilentKnight.com ]. In addition, GSKT has provided funds in support of the worldwide microcredit loan program designed to help the less fortunate in lesser developed nations start small businesses and thus, help themselves [See www.Oikocredit.org ]. Through this GSKT endowment, the Admiral Carey Foundation now seeks to fund the Good Samaritans as they reach out to a broad range of youth groups with a goal of training a whole new generation of leadership for involvement in solving world humanitarian aid problems.

The Admiral Carey Foundation is incorporated in the Commonwealth of Virginia, is approved by the Internal Revenue Service as a private 501.c.3 tax-deductible foundation, and Admiral Carey serves as Chairman of the Foundation. The purpose of the foundation is to endow organizations, programs, and projects that are educational, charitable, scientific, or religious in purpose and which focus on the training and education of future generations through internships, fellowships, and scholarships. This endowment for the Good Samaritans has been made to provide continuing support for one of their primary programs called SILENT KNIGHT, a truly outstanding program that supports the less fortunate throughout the world with anonymous random acts of kindness. The focus of this endowment will be on the training and leadership development of young men and women with a particular emphasis on involving them in international diplomacy and world outreach.

Asked why he considered the selection of this first endowment recipient as so important, Admiral Carey responded, “Because this finally gets us started. We’ve now been working on this entire foundation effort for over four years. It has involved a tremendous amount of time and legal work to first establish the trust in which to hold my assets in order to provide for my wife and daughters should anything untoward cause my early demise. That effort took over three years to research, develop, structure, and establish as a legal entity and then transfer my assets and holdings into that structure. We finished that process in late 2006 and then we went through another extensive and equally intensive effort to develop and structure this foundation and the related systemics and methodology to provide for its funding by my trust once my family has been cared for and no longer has need of those assets. That effort is also now completed and we’re fully involved in the process to determine which organizations the foundation will endow, and that is, in part, the reason why the foundation met yesterday. Good Samaritans is the first of several organizations we plan on endowing where the focus will be on youth leadership training. And with this selection of our first endowment recipient, we are now well on our way to fulfilling the purpose of the foundation and all the reasons we’ve been working so hard these past 4+ years.”

Admiral Carey continued, “As I have stated during previous foundation meetings, my foundation’s initial focus is going to be on those organizations and programs that I have been involved with and supportive of during my lifetime. The Good Samaritans of the Knights Templar Foundation is one of those organizations. I have over 40+ years of service on a broad range of organization boards of directors, with some of those experiences I consider as good, and some not so good. Indeed, there is nothing like decades of board service to learn the true inner workings of an organization. You see it all. Which are fiscally sound and prudent and which are not. Which treat their members with dignity and respect and which do not. Which have effective programs that you want to use your lifetime of earnings and your estate to support and continue, and which you do not want your money to be used for because you have seen first hand that all too many programs “do not do what they say they will do”. Quite frankly, I’m looking forward to using that 40+ years of experience to ensure that what gets endowed by my foundation is truly worthy of being funded and can be counted on to provide a true service to the nation and to our society in future generations and for centuries to come”.

Documents were circulated at the foundation meeting indicating that among the other organizations under consideration for endowment are a university, a high school, several fraternal organizations, several knighthood Orders, a broad range of youth groups, an equally broad range of national public policy organizations, and a Religious Order. Endowment plans are structured based upon each individual organization’s programs, policies, and projects and their track record over time as to performance. All endowment decisions are subject to limitations as to which existing or new programs and projects this foundation wants it’s endowment to be used for. All Admiral James J. Carey Foundation endowments are structured so as to continue annual funding in perpetuity, so long as the agreed to commitments in the endowment and the parameters of Admiral Carey’s donor intent are committed to by written agreement and then are strictly adhered to for the life of the endowment. Each endowed organization is required to furnish an annual audit by an independent Certified Public Accounting firm to certify their adherence to the requirements and activities designated to be supported by the endowment.

In closing yesterday’s meeting of the Foundation, Admiral Carey stated, “I’ve been particularly fortunate during my lifetime to have had numerous mentors and organizations that have taken an active interest in my life and whatever talents I may have been born with or taught by my parents and teachers and mentors over the years. One of the reasons I have decided to dedicate my entire estate to my foundation is, in part, to give back to society in recognition of those who helped me succeed in life, since I am unable to repay these mentors individually as almost all are no longer living. In recognizing them, and in endowing deserving organizations and programs that will serve society and our culture in future centuries, hopefully I will be providing future generations with some of the same successes in life that have come to me. I truly hope so, and take these steps today in endowing The Good Samaritans of the Knights Templar Foundation as the beginning of the process to now bring these endowments to fruition. I thank everyone that has agreed to help me bring these efforts into this successful and worthwhile structure. Together, we can do much good for America, and today we begin that effort in earnest.”

The Admiral James J. Carey Foundation is headquartered in the Commonwealth of Virginia. Admiral Carey manages the assets and programs of the foundation, aided by his two daughters, Lynn Margaret Carey of Denver, Colorado, and Sarah Ann Carey Cancel of San Diego, California, who will succeed him as Trustees of both his Revocable Trust and the Foundation should he become infirmed or when he dies. The foundation may be contacted via e-mail at secretary@admiralcareyfoundation.org and Admiral Carey may be contacted at his direct e-mail address: RADMCarey@aol.com Additional information and a list of Frequently Asked Questions can be accessed on the foundation’s web site at www.AdmiralCareyFoundation.org.

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]]>http://www.admiralcareyfoundation.org/?feed=rss2&p=410Mr. Stephen Hartwell joins the Admiral Carey Foundation Board of Advisorshttp://www.admiralcareyfoundation.org/?p=39
http://www.admiralcareyfoundation.org/?p=39#commentsSat, 17 May 2008 19:43:56 +0000http://www.admiralcareyfoundation.org/index.php/archives/39We are pleased to announce that Mr. Stephen Hartwell, Chairman Emeritus of the Washington Mutual Investors Fund, has joined the Admiral Carey Foundation Board of Advisors. Steve Hartwell is a well-known and highly respected Washingtonian who rose to the top of the financial world as the Chairman who took Washington Mutual Investors Fund from a small fund, under one billion, to at one point well in excess of $60 billion. He is also the Former Chairman of the George Washington LIFE GUARD at the George Washington Estates at Mount Vernon. The LIFE GUARD is a prestigious support organization at Mount Vernon, named after the organization that was in charge of the personal security of George Washington when he was General Washington during our American Revolution. George Washington formed the LIFE GUARD since that was before America had a Secret Service that performed those personal security duties.

Admiral Carey released a Foundation Statement today stating, “I have known Steve Hartwell for over 30 years and am truly pleased and exceptionally proud that he has agreed to serve on the Foundation Board of Advisors. His tremendous accomplishments in the financial world are truly legendary and we are indeed fortunate to have a Board Member of his stature and record of accomplishment”.

Mr. Hartwell’s listing on the Board of Advisors may be accessed by clicking on the Foundation Website URL listed below, and then clicking on the Board of Advisors link on the left hand side of the home page. The Board of Advisors listing is in alphabetical order.

Washington, DC: May 7: At a meeting today at the Capitol Hill Club of Washington, DC, Rear Admiral [Ret.] James J. Carey announced the completion of the formation of the Board of Advisors for The Admiral James J. Carey Foundation, Inc. [Note: Complete List at www.AdmiralCareyFoundation.org then click on Board of Advisors link on left hand side of home page]. The foundation was formally incorporated in the Commonwealth of Virginia in 2007, the request for approval as a private foundation has been filed with the U. S. Internal Revenue Service, and Admiral Carey has now been serving as Chairman of the Foundation for the past year. The purpose of the foundation is to endow organizations, programs, and projects that are educational, charitable, scientific, or religious in nature and which are supportive of future generations who will hopefully lead America and the world as civilization progresses on Planet Earth.

Asked why he established the foundation, Admiral Carey responded, “Actually I’ve been working on it for the past five years. It has involved a tremendous amount of time in estate planning and legal work, first to establish the trust in which to hold my assets in order to provide for my wife and daughters should anything untoward cause my early demise. That effort took over three years to research, develop, structure, and establish as a legal entity and then transfer my assets and holdings into that structure. I finished that late in 2006 and then we went through an extensive parallel program to develop and structure the foundation and provide for it’s funding by my trust once my family has been cared for and no longer has need of those assets. That effort is almost completed and now we’re beginning to determine what organizations the foundation will endow, and that is, in part, why we have now established this Board of Advisors and one of the reasons why the foundation held this press conference today”.

Admiral Carey continued, “The foundation’s initial focus is going to be on those organizations and programs that I have been involved with and supportive of during my lifetime. I have over 40 years of service on organization boards of directors. Indeed, there is nothing like years of board service to learn the inner workings of an organization. You see it all. Which are fiscally sound and prudent and which are not. Which treat their members with dignity and respect. Which have effective programs that you want to use your lifetime of earnings to support and continue, and which you do not want your money to be used for because you have seen first hand that all too many program “do not do what they say they will do”. Quite frankly, I’m looking forward to using that 40+ years of experience to ensure that what gets funded by this foundation is truly worthy of being funded and can be counted on to provide a true service to the nation and mankind and civilization in future generations and for centuries to come. And I surely plan on seeking the advice and counsel and the tremendous expertise that our newly established Board of Advisors has so unselfishly volunteered to provide to the foundation”.

Documents were circulated at today’s meeting indicating that among the organizations under consideration for endowment are a university, several fraternal organizations, several knighthood Orders, a broad range of youth groups, a equally broad range of national public policy organizations, and several religious Orders. Endowment plans are structured based upon each individual organization and subject to donor-intent restrictions as to how the foundation wants it’s endowment to be used. All Admiral James J. Carey Foundation endowments are structured so as to continue annual funding in perpetuity, so long as the donor-intent restrictions on the endowment are strictly adhered to. Each endowed organization will be required to furnish an annual audit by an independent Certified Public Accounting firm to certify their adherence to the donor-intent requirements and restrictions of the endowment. Those that do not adhere are subject to having their endowment cancelled and those funds split evenly among the remaining endowees that, in fact, do adhere to the donor-intent endowment requirements and restrictions.

In closing today’s meeting of the Foundation, Admiral Carey stated, “I’ve been particularly fortunate during my lifetime to have had numerous mentors and organizations that have taken an active interest in my life and whatever talents I may have been born with or taught by my parents and teachers over the years. One of the reasons I have decided to dedicate my entire estate to this foundation is, in part, “to pay back to society” in recognition of those who helped me succeed in life, since I am unable to repay these mentors individually as almost all are no longer living. In recognizing them, and in endowing deserving organizations and programs that will serve society and our culture in future centuries, hopefully I will be providing for future generations to have some of the same successes in life that have come to me. I truly hope so, and take these steps today as the beginning of the process to bring these endowments to fruition. I thank everyone on our newly-established Board of Advisors that has agreed to help me bring these efforts to a successful and worthwhile level of accomplishment. We can do much good for America, and today we begin that effort together”.

The Admiral James J. Carey Foundation is located in the Commonwealth of Virginia. It is Admiral Carey’s intent to spend the remainder of his life managing the assets and programs of the foundation, aided by his two daughters, Lynn Margaret Carey of Denver, Colorado, and Sarah Ann Carey Cancel of San Diego, California, who will succeed him as Trustees of the Foundation should he become infirmed or when he dies. It is the intent of the foundation to seek the advice and counsel of the members of the Board of Advisors regarding matters in which each member holds particular expertise and credentials. Further information on the foundation, including a complete listing of the Members of the Board of Advisors and a section on “Frequently Asked Questions”, is available at their web site: www.AdmiralCareyFoundation.org

]]>http://www.admiralcareyfoundation.org/?feed=rss2&p=370The Admiral Carey Foundation Launches Internet Websitehttp://www.admiralcareyfoundation.org/?p=24
http://www.admiralcareyfoundation.org/?p=24#commentsMon, 11 Feb 2008 05:50:18 +0000http://www.admiralcareyfoundation.org/index.php/archives/24Washington, DC: At a meeting yesterday on Capitol Hill in Washington, DC, Rear Admiral [Ret.] James J. Carey announced the completion of Phase II of the formation requirements for The Admiral James J. Carey Foundation and the launching of the foundation’s official web site at www.AdmiralCareyFoundation.org The organization has now been formally incorporated in the Commonwealth of Virginia, the request for approval as a private 501.c.3 tax-deductible foundation is in the final stages of the approval process at the U. S. Internal Revenue Service, and Admiral Carey is now actively serving as the Chairman of the Foundation. The purpose of the foundation is to endow organizations, programs, and projects that are educational, charitable, scientific, or religious in purpose and which are supportive of future generations who will hopefully lead America and the world as civilization progresses on Planet Earth.

Asked why the launching of the web site is so important, Admiral Carey responded, “Actually we’ve been working on this entire effort for the past four years. It has involved a tremendous amount of time and legal work to first establish the trust in which to hold my assets in order to provide for my wife and daughters should anything untoward cause my early demise. That effort took over three years to research, develop, structure, and establish as a legal entity and then transfer my assets and holdings into that structure. We finished that process late last year and then we went through an extensive and equally intensive effort to develop and structure this foundation and the related systemics and methodology to provide for its funding by my trust once my family has been cared for and no longer has need of those assets. That effort is almost completed and now we’re beginning to determine what organizations the foundation will endow, and that is, in part, the reason why the foundation met yesterday. With the launching of our web site, the public now has an “easy to access” public web site where they can read about who we are and what we want to do, what donor intent parameters are in place that must first be met before any endowment will be considered, a broad and inclusive list of Frequently Asked Questions that covers all the questions we could anticipate, and several documents and agreements that either need to be read or signed for any related endowment process to begin.”.

Admiral Carey continued, “The foundation’s initial focus is going to be on those organizations and programs that I have been involved with and supportive of during my lifetime. I have over 40+ years of service on organization boards of directors, with some of those experiences I consider as good, and some not so good. Indeed, there is nothing like decades of board service to learn the true inner workings of an organization. You see it all. Which are fiscally sound and prudent and which are not. Which treat their members with dignity and respect and which do not. Which have effective programs that you want to use your lifetime of earnings and estate to support and continue, and which you do not want your money to be used for because you have seen first hand that all too many programs “do not do what they say they will do”. Quite frankly, I’m looking forward to using that 40+ years of experience to ensure that what gets endowed by this foundation is truly worthy of being funded and can be counted on to provide a true service to the nation or to mankind and civilization in future generations and for centuries to come”. Documents were circulated at the foundation meeting indicating that among the organizations under consideration for endowment are a university, several fraternal organizations, several knighthood Orders, a broad range of youth groups, an equally broad range of national public policy organizations, and several Religious Orders. Endowment plans are structured based upon each individual organization programs, policies, and projects and their track record over time as to performance, and all endowment decisions are subject to restrictions as to how this foundation wants it’s endowment to be used. All Admiral James J. Carey Foundation endowments are structured so as to continue annual funding in perpetuity, so long as the agreed to restrictions on the endowment and the parameters of Admiral Carey’s donor intent are agreed to by written contract and then are strictly adhered to for the life of the endowment. Each endowed organization will be required to furnish an annual audit by an independent Certified Public Accounting firm to certify their adherence to the requirements and restrictions of the endowment and its related donor intent. Those organizations that do not adhere are subject to having their endowment cancelled and those funds then split evenly among the remaining endowees that, in fact, do adhere to the endowment requirements, restrictions, and donor intent parameters.

In closing yesterday’s meeting of the Foundation, Admiral Carey stated, “I’ve been particularly fortunate during my lifetime to have had numerous mentors and organizations that have taken an active interest in my life and whatever talents I may have been born with or taught by my parents and teachers over the years. One of the reasons I have decided to dedicate my entire estate to this foundation is, in part, to give back to society in recognition of those who helped me succeed in life, since I am unable to repay these mentors individually as almost all are no longer living. In recognizing them, and in endowing deserving organizations and programs that will serve society and our culture in future centuries, hopefully I will be providing for future generations to have some of the same successes in life that have come to me. I truly hope so, and take these steps today as the beginning of the process to bring these endowments to fruition.

I thank everyone that has agreed to help me bring these efforts into this successful and worthwhile structure. Together, we can do much good for America, and today we begin that effort in earnest. So don’t forget to go to the foundation web site that we have launched today, to see “who we are and what we’re doing and what we seek to accomplish for our nation and our fellow citizens.”.

The Admiral James J. Carey Foundation will operate in the Commonwealth of Virginia. It is Admiral Carey’s intent to spend the remainder of his life managing the assets and programs of the foundation, aided by his two daughters, Lynn Margaret Carey of Denver, Colorado, and Sarah Ann Carey Cancel of San Diego, California, who will succeed him as Trustees of both his Revocable Trust and the Foundation should he become infirmed or when he dies. In the interim, the foundation may be contacted via e-mail at secretary@admiralcareyfoundation.org and Admiral Carey may be contacted at his direct e-mail address: RADMCarey@aol.com

Washington, DC: At a meeting today at the Capitol Hill Club of Washington, DC, Rear Admiral [Ret.] James J. Carey announced the completion of Phase I of the formation requirements for The Admiral James J. Carey Foundation. The organization has been formally incorporated in the Commonwealth of Virginia, the request for approval as a private foundation has been filed with the U. S. Internal Revenue Service, and Admiral Carey has been named Chairman of the Foundation. The purpose of the foundation is to endow organizations, programs, and projects that are educational, charitable, scientific, or religious in nature and which are supportive of future generations who will hopefully lead America and the world as civilization progresses on Planet Earth.

Asked why he was taking this action now, Admiral Carey responded, “Actually I’ve been working on this effort for the past four years. It has involved a tremendous amount of time in estate planning and legal work to first establish the trust in which to hold my assets in order to provide for my wife and daughters should anything untoward cause my early demise. That effort took over three years to research, develop, structure,
and establish as a legal entity and then transfer my assets and holdings into that structure. I finished that late last year and then we went through an extensive similar program to develop and structure the foundation and provide for it’s funding by my trust once my family has been cared for and no longer has need of those assets. That effort is almost completed and now we’re beginning to determine what organizations the foundation will endow, and that is, in part, the reason why the foundation met today”. Admiral Carey continued, “The foundation’s initial focus is going to be on those organizations and programs that I have been involved with and supportive of during my lifetime. I have over 40 years of service on organization boards of directors, with some of those experiences I consider as good, and some not so good. Indeed, there is nothing like years of board service to learn the inner workings of an organization. You see it all. Which are fiscally sound and prudent and which are not. Which treat their members with dignity and respect and which do not. Which have effective programs that you want to use your lifetime of earnings to support and continue, and which you do not want your money to be used for because you have seen first hand that all too many program “do not do what they say they will do”. Quite frankly, I’m looking forward to using that 40+ years of experience to ensure that what gets funded by this foundation is truly worthy of being funded and can be counted on to provide a true service to the nation or to mankind and civilization in future generations and for centuries to come”.

Documents were circulated at today’s meeting indicating that among the organizations under consideration for endowment are a university, several fraternal organizations, several knighthood Orders, a broad range of youth groups, a equally broad range of national public policy organizations, and several religious Orders. Endowment plans are structured based upon each individual organization and subject to restrictions as to how the foundation wants it’s endowment to be used. All Admiral James J. Carey Foundation endowments are structured so as to continue annual funding in perpetuity, so long as the restrictions on the endowment are strictly adhered to. Each endowed organization will be required to furnish an annual audit by an independent Certified Public Accounting firm to certify their adherence to the requirements and restrictions of the endowment. Those that do not adhere are subject to having their endowment cancelled and those funds split evenly among the remaining endowees that, in fact, do adhere to the endowment requirements and restrictions.

In closing today’s meeting of the Foundation, Admiral Carey stated, “I’ve been particularly fortunate during my lifetime to have had numerous mentors and organizations that have taken an active interest in my life and whatever talents I may have been born with or taught by my parents and teachers over the years. One of the reasons I have decided to dedicate my entire estate to this foundation is, in part, to pay back to society in recognition of those who helped me succeed in life, since I am unable to repay these mentors individually as almost all are no longer living. In recognizing them, and in endowing deserving organizations and programs that will serve society and our culture in future centuries, hopefully I will be providing for future generations to have some of the same successes in life that have come to me. I truly hope so, and take these steps today as the beginning of the process to bring these endowments to fruition. I thank everyone that has agreed to help me bring these efforts to a successful and worthwhile achievement. Together, we can do much good for America, and today we begin that effort”.

The Admiral James J. Carey Foundation will operate in the Commonwealth of Virginia. It is Admiral Carey’s intent to spend the remainder of his life managing the assets and programs of the foundation, aided by his two daughters, Lynn Margaret Carey of Denver, Colorado, and Sarah Ann Carey Cancel of San Diego, California, who will succeed him as Trustees of the Foundation should he become infirmed or when he dies. It is the intent of the foundation to establish a web site once final Internal Revenue Service approval is received of the foundation’s 501.c.3 private foundation application.. In the interim, the foundation may be contacted via e-mail at RADMCarey@aol.com